Perhaps a good measure of just how attractive mineral exploration is in Australia compared to other countries is to compare companies:
1. The following stocks have projects outside Australia:
2. The following list of stocks have projects in Australia:
AAM - http://www.google.com/finance?q=ASX:aam (now mining)
The reason why foreign miners perform better is:
1. Foreign governments are probably less likely to adopt tax impost than fascist Western governments in the 'modern era' as we profess to be saving these poor countries who we think are 'uncivilised' because they have less money and 'unsophisticated' governments that don't intrude into every aspect of their lives.
2. Developing countries are more prospective - miners can get large tracts of land with greater certainty of discovery, i.e. The companies above control hundreds of kilometres of attractive geological terrain. Such of it is as prospective as Western Australia 'used to be'
3. Australia's easy resources have been found. Miners/explorers have to go deeper to find good deposits, and most already found.
The reality is that Rudd has wiped out a great deal of wealth from Australians by unilaterally unveiling a tax which has wiped off their balance sheets. How irresponsible! He clearly does not realise that most Australian miners have projects overseas, or have already realised the wealth. He is too late to tax it because he causes untold wealth by trying to tax it.
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Author
Andrew Sheldon
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